If the University of Chicago increased its season American Football ticket sales from 43,000 to 48,000 when it lowered price from $350.00 to $300.00, then its demand for season tickets must be?
Select ONE answer:
- inelastic because total revenue increased when the price was lowered.
- elastic because total revenue increased when the price was lowered.
- inelastic because total revenue decreased when the price was lowered.
- elastic because total revenue decreased when the price was lowered.
Show your workings to arrive at your answer, and explain and justify your reasons:
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This is a multiple choice question is suitable for Economics KS5 classes.
The answer is 3
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